Selbyville, Delaware, Aug. 03, 2022 (GLOBE NEWSWIRE) --
The microgrid market size is expected to record a valuation of USD 73 billion by 2030, according to the most recent study by Global Market Insights Inc. The rising electricity demand across the developing economies in line with the installation of high-capacity systems for power supply will boost the industry demand.
Strict government mandates to reduce carbon footprint coupled with continuous development of energy-efficient solutions for energy will drive the business trend. The increasing requirement for resilient & reliable electricity supply across various establishments together with growing development of large-scale renewable power generation solutions will foster the microgrid market growth. The shifting consumer focus toward the adoption of low-emission power supply solutions along with the rising demand for smart control solutions across the remote areas will enhance the business dynamics. In addition, favorable government efforts for the development of grid infrastructure in line with shifting trends toward the advancement of decentralized grid networks will complement the industry scenario.
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Hybrid microgrid market is poised to register significant growth during the forecast period. This growth is attributed to the increasing demand for uninterrupted power supply across end users together with continuous deployment of optimized & efficient energy storage technologies. The paradigm shift toward the adoption of low emission & minimized fuel consumption solutions to deliver better power quality and increased resiliency will lead to the product penetration. Furthermore, ongoing technological advancements for effective remote energy management will positively impact the industry dynamics.
Solar PV microgrid market is estimated to attain a 23% growth rate till 2030. Rising environmental concerns coupled with the adoption of renewable energy sources will sway the industry trend. Increasing trend to reduce the dependency on conventional fuels along with favorable government efforts toward the development of renewable technologies will stimulate the market scenario. Moreover, growing investments pertaining to the development of research & development facilities to enhance the efficiency & operational flexibility of solar-powered sources will accelerate the business outlook.
The flow battery segment in the microgrid market is predicted to showcase substantial gains through 2030, credited to ongoing advancement of storage technologies coupled with strict government norms and programs toward the electrification. High energy efficiency, long life cycle, and increased safety are some of the attributes that will positively lead to product deployment. Additionally, the extensive focus on the development of cost-effective storage technologies together with growing consumer inclination toward enhanced security of electricity supply will augment the business landscape.
The industrial/commercial sector is projected to rise owing to continuous advancement of innovative & smart solutions in line with ongoing product deployments. Furthermore, rapid urbanization across the developing economies along with favorable government reforms toward the development of industrial & commercial establishment will propel the industry growth.
North American microgrid market is anticipated to witness growth at a CAGR of over 13.5% by 2030. Favorable norms, policies, and regulations to achieve the energy targets together with the introduction of various investments and subsidies toward enhancement of renewable electric infrastructure by the respective government bodies will proliferate the business statistics. In addition, favorable funds and incentives across private and public sectors to cater to the rising electricity demand will impact the business scenario.
Key companies operating in the market are Lockheed Martin Corporation, Exelon Corporation, Heila Technologies, General Microgrids, Hitachi Energy Ltd., S&C Electric Company, Tesla, Advanced Microgrid Systems (AMS), Toshiba Corporation, Honeywell International, Inc., ABB, Caterpillar, Schneider Electric, Siemens, Eaton, and General Electric.
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Some of the key findings of the microgrid market report include:
- A positive outlook toward clean environment along with large-scale renewable integration will spur the market expansion.
- The increasing demand for uninterrupted power supply across industrial & commercial facilities coupled with large-scale penetration of distributed power sources will augment the industry landscape.
- Ongoing government mandates and regulations to reduce carbon footprints in line with extensive research & development activities for sustainable development will stimulate the industry outlook.
Table of Contents (ToC) of the report
Chapter 3 Microgrid Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.2.1 HOMER Energy, LLC
3.2.2 S&C Electric Company
3.2.3 Heila Technologies
3.2.4 Eaton
3.2.5 Siemens
3.2.6 Tesla
3.2.7 Hitachi ABB Power Grids
3.2.8 Schneider Electric
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 North America
3.5.1.1.1 Renewable energy integration
3.5.1.2 Europe
3.5.1.2.1 Integration of renewable energy technologies
3.5.1.3 Asia Pacific, Middle East & Africa
3.5.1.3.1 Increasing electricity demand
3.5.1.3.1 Government program toward electrification
3.5.1.3.1 Growing demand for off grid electricity
3.5.2 Industry pitfalls & challenges
3.5.2.1.1 High capital cost
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2021
3.9 PESTEL Analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/microgrid-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
